Cannabidiol, also known as CBD, is the main non-psychoactive cannabinoid in marijuana: one of over 66 that have been identified so far. However, much of the CBD being sold around the globe is currently derived from industrial hemp plants. Industrial hemp naturally grows with very low THC, and is legal to grow based on the 2014 Federal Farm Bill. In the states that do not have legal marijuana, CBD is growing in popularity because it offers a solution for those that do not have access to recreational or medical marijuana – but would like to have access to the similar health benefits.
CBD is becoming more commonplace, with twenty-nine states (and the District of Columbia) legalizing either recreational or medical marijuana, and another eighteen states that have legalized and clarified a stance on CBD rich cannabis based products. Celebrity doctors and professional athletes are also helping to introduce CBD into the mainstream market by starting their own CBD product lines, or promoting an already established line. The World Anti Doping Agency has also removed CBD from its list of banned substances for international competitive play. Similar progress in the CBD industry allows more people to experience the benefits, and allows the world to see that our top performers are using it to recover and heal.
With a growing industry, the information available to your consumers also grows. In a market that currently has hundreds of options and isn’t slowing down any time soon, there is a lot to be cognizant of when buying CBD products. Many companies are now sourcing hemp domestically from inside the United States, while just as many are still importing theirs internationally. Domestic hemp allows for more consistency and also guarantees that the hemp is grown to the standards and regulations required by The U.S. Department of Agriculture. With more convenient options and a well-informed customer base, quality and consistency in CBD products are on the rise. The expanding market means the companies are competing for your business by providing high quality products, which is subsequently diminishing the number of lower quality products. CBD companies know that your customers are becoming discerning and holding products to a higher standard.
With the current regulations and established litigation, CBD producers can not technically make claims that their have medicinal benefits, unless they receive pharmaceutical approval. This sometimes causes there to be an apparent lack of information on the packaging for the products, so it is important that your employees are knowledgeable of each product. Every product and each form of consumption will have different effects and different suggested dosages. It is important for you to know what your customer is looking for and what will be the appropriate product for the solutions they need. Each format will have better results for different symptoms, so it is vital for you to have the product education to aid your customers and the selection process. Brand specific information should be readily available from the companies you purchase from.
The market for CBD from hemp is expected to reach $450 million by 2020, and $2.1 billion for all CBD products (including CBD from marijuana). This comes from the growing demographic for CBD, which includes the older generations, who are more informed and now know what benefits can come from the use of hemp based medicine. Many of these new consumers are supplementing their previous medications with CBD products for diminished side effects, and a natural alternative. This creates a strengthening and sizable market for you, and also expands the options for your current offerings. One large smoke and vape retail store in Georgia sells a number of different CBD products, ranging from vape additive to edibles, has more than thirty percent of their revenue come from CBD alone. This is not uncommon in the smoke or vape retail and wholesale industries. CBD will open new doors for retail establishments, and with a widening variety on the market you are now able to pick the best products for your customers. SVBS
Cameron Spinks has been a sales lead and social media director at Stash CBD since it creation in July. Previously he worked as sales rep for a large smoke and vape wholesaler after moving out of retail. He is a musician and takes his dog disc golfing on the weekends he isn’t at a convention. You can contact him my email at [email protected] or on their website stashcbd.com.